China revises GDP growth target, lowers it amid slowdown2Photo©

China revises GDP growth target, lowers it amid slowdown

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China on March 5 set an economic growth target of 6.0 to 6.5% for 2019, after factoring in a slew of headwinds, including the trade war with the United States, and financial bottlenecks for its private enterprises.

The growth rate estimate, which was lower than last year’s projection of “about 6.5%,” was revealed in the government work report, which was delivered by Prime Minister Li Keqiang during the opening session of the National People’s Congress (NPC)—China’s parliament.

Analysts say that the anticipated growth rate is in tune with China’s strategic goal — of doubling the size of the economy in 2020 from the base figure of 2010, which would require a minimum growth rate of 6.2%.